For almost a year InterDigital has been trying to either sell the company or sell their undeniably valuable wireless patent portfolio. When the stars aligned for the Nortel patent auction to push values to a stratospheric $700,000+ per patent level, could the InterDigital portfolio be next in line?

Announced yesterday, Intel Corp has agreed to buy 1,700 wireless technology patents from InterDigital for $375M, just over $200,000 per patent. As disappointing as the amount appears, InterDigital investors were pleased enough to bump the stock price 27%, indicating they no longer had visions of a bubble-fed price, but rather had doubts InterDigital would find a buyer at all.

Engadget reports the wireless patent portfolio going to Intel is just 8% of InterDigital’s total patent portfolio.

Intel’s purpose in buying the patents is undoubtedly defensive, as they now have a toe in the wireless waters with their new Intel-powered, Android handset.